Jobs hopes grow after Peterborough employer secures £18 million plus for expansion
A jobs boost for the city could be in the pipeline after a Peterborough employer secured a £18.5 million funding package to drive new growth.
Family-run EPD Insulation Group, which employs 150 people and supplies products to the construction sector, has received £18.5 million to help it develop a new product.
It is hoped the innovative move will fuel the company’s growth and allow it to recruit more staff.
The cash has come from the NatWest to support expansion of the 15-year-old company and refinance existing banking arrangements.
Tony Brown, managing director of EPD Insulation Group, said: “The funding package will support continued investment in our newly launched, fully compliant drywall system, Alpha Drywall Systems.
“Following a comprehensive programme of fire and acoustic testing, it is the first fire- and acoustic-tested drywall system to be offered by a distribution company, enabling EPD Insulation Group to deliver competitive, compliant solutions for commercial and residential projects.”
Steve Boon, Founder and Chairman of EPD Insulation Group, said: “When presented with robust forecasting and a proven track record, NatWest provided us with a large and diverse funding package that allows us to continue growing the business in a controlled manner, while retaining the flexibility to react quickly to changing markets and future opportunities.
“We are pleased to be partnering with a bank that shares the ambitions of EPD Insulation Group."
Steve Murray, relationship director, commercial mid-market, East of England at NatWest, said: This funding package is designed to give the business the stability and capacity it needs to invest for the long term – in its people, its sites and its systems – while continuing to support jobs and economic activity across the region.
"We’re proud to be backing Steve and the team as they take the next step in their growth journey.
“EPD Insulation Group is a great example of a regional business with strong family values, a clear growth strategy and deep roots in its local community."
The NatWest says that the deal underscores the role regional businesses like EPD Insulation Group play in the local economy by creating jobs, supporting the construction supply chain and investing in community projects.
It states: “The construction sector has faced significant challenges in recent years, with rising costs, supply chain pressures and skills shortages impacting projects nationwide.
"EPD Insulation Group’s model, combining sizeable stockholding with efficient logistics, is designed to help contractors keep projects moving.”
EPD, which has its head office and main distribution centre in Peterborough, supports North West Anglia Hospitals Charity, The Salvation Army and Alzheimer’s Research UK, and sponsors Whittlesey Blues FC Under-16s, helping to sustain grassroots football and opportunities for young people in the area.